We put an offer in on a foreclosure here. One of those "you can totally see the potential" houses. It was a full price offer, but they took someone else's.

Now, because of where it was, it would be worth to offer more than asking, but because of where we are, financially, we couldn't do it. Is it a bummer? Sure. But we know there are other fish in the sea (or houses in this town).

I will say, it was nice to get our feet wet with this one. Take the edge off the process a little bit.

We did decide that since we didn't get this house, we want to lower our price range. This house was worth the extra cash, but we don't think there are many that are in that same boat. (The water sayings just keep coming, don't they?)